Union Budget 2015-2016
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The document summarizes key aspects of the Indian government's 2015 budget that was presented by Kishan Kumar Sharma, Vijay Reddy, and Sailesh to Mr. Ravi Kumar. The budget focuses on housing, basic facilities, livelihood opportunities, and decreasing poverty. It outlines estimates for planned and non-planned expenditures, tax receipts, and reductions in fiscal and revenue deficits. Key areas that will receive funding include agriculture, rural infrastructure, education, defence, welfare schemes, and the financial sector.
Union Budget 2015-2016
- 1. Presented By :- KISHAN KUMAR SHARMA DM-10-033 VIJAY REDDY DM-10-019 SAILESH DM-10-018 Presented To :- Mr. Ravi Kumar.
- 2. Budget A budget is a quantified financial plan for a forth coming accounting period. A budget is an organizational plan stated in monetary terms. The purpose of budgeting is to: Provide a forecast of revenues and expenditures, that is, construct a model of how a business might perform financially if certain strategies, events and plans are carried out. Enable the actual financial operation to be measured against the forecast.
- 3. Amrut Mahotsav(15-08-2022). Housing for ALL. 2 crore houses in urban area. 4 crore houses in rural area. Basic facility of 24/7 safe drinking water facility, Toilets and Roads Atleast one family member have acces to livelihood Substational decrease in poverty. Encourage entrepreneurship to create jobs
- 4. Comparison between 2014 and 2015. Inflation rate was double digit in 2014 i.e 11.7%. Which has been come down to 7.17% and projected to be 5% in current year. GDP was 6.4% in 2014 which has been reached a remarkable position of 7.5% in 2015 and projected to be 8.5% in the current year. Decline in fiscal deficit from 4.5% to 4.1% and projected to be 3.9% by the end of this financial year. Dicret transfer to beneficiarys to be extended further with a a view to increase the number from ₹ 1 crore to ₹ 10.3 crores
- 5. Estimates of 2015 Budget. 1. Non-Planned expenditure for the financial year is estimated to be ₹13,12.200 crores. 2. Planned expenditure estimatedto be ₹4,65,277 crores. Which is very close to the previous yerar expenditure. 3. Gross tax recipts are estimated to be ₹14,49,490 crores. 4. Non-tax recipts estimated to be ₹2,21,733 crores 5. FISCAL DEFICIT will be 3.9% that of GDP & REVENUE DEFICITE will be 2.8% that of GDP in the current year. 6. From the overall tax collecte nearly 68%(60% + 8%) of it will be given back to their repective state government and only 38% will be held by the central government.
- 6. Taxation 2015. Abolish of wealth tax. Additional 2% surcharge for the super-rich with income of over ₹ 1 crore. Rate of corporate tax to be reduced to 25% over next four years. 100% exemption for contribution to Swachch Bharat, apart from CSR. Service tax increased to14 per cent.
- 7. Agriculture 2015. ₹ 2,50,000 crores for Rural Infrastructure Development Bank. ₹ 5300 crores to support micro irrigation programm Farmer credit target ₹ 8.5lakh crores
- 8. Infrastructure 2015. • ₹70,000 crores to Infrastructure sector. • Tax-free bonds for projects in rail road and irrigation • PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk. • Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of ₹ 150 crore. • Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.
- 9. Education 2015. • AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam. • IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT. • PG institute of Horticulture in Amritsar. • Kerala to have University of Disability Studies • Centre of film production, animation and gaming to come up in Arunachal Pradesh. • IIM for Jammu and Kashmir and Andhra Pradesh.
- 10. Defence 2015. • Allocation of ₹ 2,46,726 crore; an increase of 9.87 per cent over last year. • Focus on Make in India for quick manufacturing of Defence equipment
- 11. Welfare Schemes 2015. • GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man. • Six crore toilets across the country under the Swachh Bharat Abhiyan. • MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs. • Housing for all by 2020. • Upgradation 80,000 secondary schools.
- 12. Welfare Schemes 2015 Cont. • DBT will be further be expanded from ₹ 1 crore to ₹ 10.3 crore. • For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to ₹ 1,000 a year. • New scheme for physical aids and assisted living devices for people aged over 80 • Govt. to use ₹ 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund. • ₹ 5,000 crore additional allocation for MGNREGA. • Govt. to create universal social security system for all Indians.
- 13. FINANCIAL SECTOR 2015. • Forward Markets Commission to be merged with the Securities and Exchange Board of India • NBFCs registered with the RBI and having asset size of ₹ 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses • Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”